Cytodyn Inc (CYDY)

[Millstone]

From SEC filings (Def 14A if you want to look it up):



"The Board has determined that each current member of the Audit Committee is financially sophisticated under the current listing standards of the Nasdaq. The Board has also determined that Mr. Timmins is an “audit committee financial expert” as defined in Regulation S-K Item 407(d)(5)(ii) adopted by the SEC. All current members of the Audit Committee are considered independent because they satisfy the independence requirements for board members prescribed by the NASDAQ Rules, including those set forth in Rule 10A-3 under the Securities Exchange Act of 1934, as amended."

"We are not a “listed issuer” as that term is used in Regulation S-K Item 407 adopted by the Securities and Exchange Commission (the “SEC”). However, in determining director independence, we use the definition of independence in Rule 5605(a)(2) and rule 5605(c)(2) of the listing standards of The Nasdaq Stock Market (the “NASDAQ Rules”).
The Board has determined that Messrs. Naydenov, Timmins and Patel, and former director Dr. Welch are independent under the NASDAQ Rules in that each is not, and has not been, an executive officer or employee and does not otherwise have a relationship which, in the opinion of the Board, would interfere with his exercise of independent judgment in carrying out the responsibilities of a director."

Let's see, Audit Committee, check. Majority of independent board members. Is 3 out of 5 a majority? It seems so! Check.

NASDAQ bound, thanks for helping confirm.